Housing Market Update
The new year is here, and prices continue to rise in Central Ohio. The average sales price of homes for the last 11 months was $228,062, up 6% from Jan. to Nov. of last year.
“As REALTORS®, we are pleased that the statistics demonstrate real estate continues to be an excellent investment vehicle,” said Sara Walsh, 2018 President of Columbus REALTORS®. “Real estate investment offers a favorable alternative to the stock market and, in the current market, is a lower risk yielding better returns while offering diversification.”
“A home is more than just an investment, it’s shelter, a place to create memories as well as a place to build a strong financial future.”
Inventory has also been on the rise the last few months. 2,207 residential homes listed for sale last month, which is 5% more than a year ago.
“Inventory levels have been at record lows in recent years, so the additional homes for sale has been a welcome change for local buyers,” added Walsh. “This solid housing demand, fueled by a growing economy and low unemployment, reinforces the health of the central Ohio market.
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 93 percent of central Ohio REALTORS® maintain that our local housing market performance has been as good or better than anticipated. So, if you are looking to buy a new home in 2019, inventory is growing, and there is more to choose from; and, if you are looking to sell this year, sales prices continue to rise, yielding more proceeds!